Ethereum co-founder Vitalik Buterin has been actively moving his crypto assets, which triggered conversations among the crypto community. The most recent transaction entails the movement of 800 ETH to a multi-signature wallet, which is worth about $2.01 million. This particular deal has raised questions regarding whether it is a charitable contribution or if it has some other purpose.
Data from blockchain analysis firm Lookonchain revealed the last transaction from Buterin’s wallet involved swapping 190 ETH out of the 800 ETH received into 477,000 USDC, a stablecoin tied to the US dollar. This is not the first time that Buterin has made significant wallet transactions.
On August 9, he transferred 3,000 ETH, which is equal to approximately $8.04 million, to the same multi-signature wallet. These transactions have raised questions as to whether these are donations or part of an internal re-allocating strategy.
After this latest transfer, Buterin’s known Ethereum address now has a balance of 52.5 ETH, which is equivalent to roughly $132,220. This address still has a rich portfolio of tokens that is now valued at about $638,989 and whose number has grown to be more than 401 tokens. At the same time, the receiving wallet that received the 800 ETH has a balance of several assets, including 1,900 aEthWETH worth $4.78 million, 1,710 WETH worth $4. 31 million, and 477, 312 USDC.
Buterin has been famous for his charitable moves where he has donated his crypto currency for helping the needy. On August 5, an address identified as “Vb 3” sent 3,000 ETH to Buterin’s main wallet which had a balance of 245,223 ETH before the transfer and this was equivalent to $571.72 million.
The majority of Buterin’s recent transactions have been related to charitable giving, such as his most recent contribution of over $530,000 in various “Animal Coins” to charity as a response to community requests following the sale of the portfolio of “NEIRO on Ethereum” tokens.
Ethereum’s steady large transactions have led people to question whether Buterin’s recent 800 ETH transfer is another donation or has a different motive. There has been no direct response from Buterin about these recent transfers, which has only fueled the speculation.
Ethereum’s price is still indicating some reversal signals which may be a result of the bearish pressure that has been recently observed. As of now, the price of Ethereum is $2,514. 53, which is a decrease of 0.89% in the last 24 hours and a decrease of 4.94% in the 7 days. However, technical indicators point to a potential change in momentum.
The Bollinger Bands, which are tightening, usually indicate that a big move is on the way. The MACD indicator depicts a weakening bearish sentiment, which could be a signal of a reversal or consolidation phase with a breakout towards $3,100.
Additionally, the 4-hour Relative Strength Index (RSI) is at 36.7, placing Ethereum close to oversold territory. This could create opportunities for buyers to enter the market, potentially leading to a short-term price bounce. Analysts have pointed to macroeconomic factors such as potential interest rate cuts by the Federal Reserve, which could make riskier assets like cryptocurrencies more appealing, further supporting a possible upward movement for Ethereum.